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Bitcoin(BTC)trade is currently is trading at $9,565. Although the trend appears to be a downtrend, when looking closely it actually can be seen that the price is stuck in a sideways trend.
Resistance level is at $9,627 and support and support is at around $9,400. It is suggested not to take a long position at this price as it is stuck in indecision mode. Wait for the price to either break the resistance or support.
According to Dow Theory, the Bitcoin price is in the panic phase. The virtual coin usually ends up being oversold and provides good buying opportunity after the price settles. The panic phase is followed by the accumulation phase which marks the beginning of an uptrend.
The price is moving between the channels with the lower channel limit acting as support. The channel is shrinking, indicating indecision. Only once the channel starts expanding then the trend can be predicted. Currently, the price is stuck in a sideways trend.
When taking 9 period moving averages (blue) with 21 period moving averages (red), a bearish crossover is seen, as the price is moving below 9 and above the 21 period moving average. In addition, the moving averages are very close to each other, indicating lesser volatility.
Bitcoin(BTC)trade is currently is trading at $9,565. Resistance is at $9,627 and support is at approximately $9,400. Taking a long position is not suggested at this moment due to market indecision. Wait for the price to close above the resistance or below the support level.
Swing trading can be done using the above levels. A fall below the support level can take the price down to $9,200 and a rise above the resistance level can push the price to $9,800. Long term target is at $11,600